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Sampoorna Raksha Plus PDF
Sampoorna Raksha Plus PDF
IT’S
RAKSHAKARAN
FOR A
CENTURY
Tata AIA Life Insurance Sampoorna Raksha+ Scenario I:
A Non-Linked, Non-Participating, Individual Life Insurance, In event of unfortunate death of Nishit at age 42 years, his wife
Savings Product Akruti receives a lump sum death benefit of R 1 Crore and
Get much more than just pure life cover! receives an income of R 1,00,000 per month for 10 years
We do our best to take care of all our family’s needs and try our starting from the next monthly anniversary following the date of
death.
best to ensure financial security of our family from uncertainties
On death of Nishit, his nominee
of life. Term plans undoubtedly are the best way of shield our Akruti receives Death Benefit of
family from financial crisis in case of an unfortunate event. r 1,00,00,000
Presenting “Tata AIA Life Insurance Sampoorna Raksha+” a
Nishit pays premium of Akruti receives r1,00,000 000
plan that not only protects you from uncertainties of life but r 42,1002 every year monthly income @ 1% of Sum
also gives you return of premiums paid on survival till maturity Assured for 10 years
of the Policy.
What’s more...You may opt to receive either a Lump Sum Year 1 7 8 17
benefit on Death or Lump Sum benefit on Death and Monthly
Income for next 10 years. Scenario II:
On survival of Nishit till maturity of the policy, he would receive,
Key benefits maturity amount equal to All Premiums Paid (excluding the
• Flexibility to choose between two Death Benefit options: underwriting extra premiums and modal loading).
"Sum Assured on Death” as Lump Sum benefit on Death Nishit receives maturity
“Sum Assured on Death” as Lump Sum benefit on Death benefit of r 4,21,000
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Annual premiums for a 30 year old individual for plan 3
All reference to age is as on last birthday.
option - “Sum Assured on Death” and Monthly Income
4
The Death benefit option can be selected only at inception of the Policy
for next 10 years
Policy Sum Smoker / Regular Limited. Limited. Limited
Key Benefits
Term Assured Non Smoker Premium (5 pay) (10 pay) (12 pay) Death Benefit:
(r) Premium Premium Premium
(r) (r) (r)
Option 1: “Sum Assured on Death” payable on Death
Smoker (M) 19,200 44,450 26,500 24,500 Upon death of the insured during the term of the policy,
Non
provided the policy is in force, the death benefit payable
13,500 30,250 18,150 16,800 immediately to the Nominee will be the Sum Assured on Death.
Smoker (M)
50,00,000
Smoker (F) 16,850 37,300 22,400 20,750 The Policy shall terminate on payment of the Death Benefit and
Non
12,050 25,800 15,550 14,450
no other benefit under the policy shall be payable.
Smoker (F)
30 Option 2: “Sum Assured on Death” payable on Death &
Smoker (M) 32,600 75,600 45,100 41,700
Monthly Income thereafter for 10 years
Non
23,000 51,400 30,900 28,600 Upon death of the insured during the term of the policy,
Smoker (M)
1,00,00,000
Smoker (F) 28,600 63,400 38,100 35,300 provided the policy is in force, the death benefit payable
Non immediately to the Nominee will be the Sum Assured on Death.
20,500 43,900 26,400 24,600 Along with the Sum Assured on Death, the Nominee shall also
Smoker (F)
M: male; F: female receive a monthly income equal to 1% of Basic Sum Assured
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The premium shown in the example and the illustration above are for for 10 years starting from the next monthly anniversary
healthy individuals and standard lives exclusive of applicable taxes, cesses following the date of death. The nominee also has an option to
& levies.. All taxes, duties, cesses or levies, (including but not limited to TDS, receive the commuted value of the future income benefits as a
Surcharge or Cess) are applicable as per governing laws. Tata AIA Life
Insurance Company Limited reserves the right to recover/ deduct from the lump sum. The lump sum amount is calculated as Discounting
policyholder, any levies and duties (including applicable taxes, Surcharge or factor multiplied by Basic Sum Assured. The discounting
Cess and TDS), as imposed by the Government or any statutory authority factors are calculated using discounting rate of interest of 7.5%
from time to time. Kindly refer the sales illustration for the exact premium.
Rider chargers are not taken into account in this illustration. per annum.
The policy shall terminate on payment of the death benefit
Eligibility Criteria and no benefit other than income benefit shall be payable
Plan Parameters Minimum Maximum under the policy.
Age at Entry 18 For Regular Pay& Limited “Sum Assured on death” shall be defined as the highest of the
(years)3 Pay 5 year: 70 following:
For Limited Pay 10 years • 10 times the Annualized Premium
& 12 years: 65
• 105% of the Total Premiums Paid up to the date of death
Age at Maturity 28 100
(years)3 • Minimum Guaranteed Sum Assured on Maturity
Death Benefit • “Sum Assured on Death” payable on Death • Absolute amount assured to be paid on death
Option4 • “Sum Assured on Death” payable on Death &
Monthly Income thereafter for 10 years The Absolute amount assured to be paid on death is the Basic
Policy Term (PT) Premium Paying Policy Term
Sum Assured.
(years) Term (PPT) Minimum Guaranteed Sum Assured on Maturity is the Total
Regular Pay/ 10 to 40, subject to Premiums Paid for each of the above mentioned two (2) options.
Limited Pay 5 maximum maturity age 100 years
“Annualized premium” shall be the premium amount payable
Limited Pay 15 to 40, subject to
10 / 12 maximum maturity age 100 years in a year chosen by the policyholder, excluding the taxes, rider
Premium Payment Limited Pay – 5 / 10 / 12
premiums, underwriting extra premiums and loadings for
Term (PPT) (years) Regular Pay modal premiums, if any.
Basic Sum Assured All taxes, duties, surcharge, cesses or levies shall be collected
(Sum Assured in No Limit subject to Board
r50,00,000 separately over and above the policy premiums.
multiples of approved underwriting policy
1,00,000) "Total Premiums Paid" means total of all the premiums received,
Annualized Based on minimum Based on maximum excluding any extra premium, any rider premium and taxes.
Premium (r) Basic Sum Assured Basic Sum Assured
Note: If a claim is payable under this Policy, any amount of due
Premium Payment premium/s will be deducted from the amount of death benefit
Annual/ Half-yearly/ Quarterly/ Monthly
Mode
payable to the Nominee/Legal heir.
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Maturity Benefit: premiums have been paid.
On survival till end of the policy term, the Total Premiums Paid The Surrender Benefit Payable = Higher of (Guaranteed
will be returned. Surrender Value, Special Surrender Value) where,
Survival Benefit Guaranteed Surrender Value = Guaranteed Surrender Value
There is no Survival benefit in this plan. Factor multiplied by Total Premiums Paid
Special Surrender Value = Special Surrender Value Factor
Other Benefits and Features multiplied by Total Premiums Paid
Preferential Premium Rates: The applicable surrender value factors vary according to the
A healthy lifestyle should be rewarded hence we offer special policy term, premium paying term and policy year of surrender.
rates for non-smokers, additionally preferential rates are also Company may review this Special Surrender Value factor from
offered to female lives. time to time based on the experience and any change in SSV
For Regular and Limited Pay factors will be subject to prior approval of IRDAI.
For those who opt for high level of protection, High Protection • Reduced Paid-Up Benefit
Discount shall be expressed as a percentage of premium are At any time during the policy term, if the premiums are not paid
as follows: At any time during the policy term, if the premiums are not paid
SA Band For Both Option 1 & Option 2 within the Grace Period, the policy will lapse. This will only be
true in case of those limited Pay 5 & limited Pay 10/ 12/ regular
50 lakhs to 74 lakhs Nil
pay policies for which premiums have only been paid for less
75 lakhs to 99 lakhs 12.50% than 2 years. Such policy may be revived, within five years from
1 crore & above 15.00% the due date of the first unpaid premium.
Flexible premium payment modes However, if the policy is not revived, no further benefit will be
You have an option to pay the premiums either Annually, Half payable and the policy will terminate.
Yearly, Quarterly and Monthly modes. The policy will be converted into a Reduced Paid-up policy by
Loading on premiums will be applicable as mentioned in the default, provided premiums for at least full two (2) years is paid
table below: and subsequent premiums remain unpaid.
Mode Modal Loading Reduced Paid-up policy is a default non forfeiture benefit. Such
Reduced Paid-up policies can be revived within five (5) years
Annual 0%
from the due date of first unpaid premium by payment of all due
Half Yearly 2% premiums together with interest. Once Policy becomes
Quarterly 4% reduced paid up and is not revived till the end of the revival
period it will continue to be in Reduced Paid-up status.
Monthly 6%
The benefits to be paid in case of Reduced Paid up policies are
Lapse as follows. For the purpose of the benefit descriptions below,
the "Reduced Paid-up (RPU) Factor" at any point during the
If the premium for at least full 2 years is not paid within the
term of the policy shall be defined as:
grace period, the policy shall lapse from the due date of first
unpaid premium and no benefits will be payable. The policy RPU Factor = (No of Premiums paid) divided by (No of
may be revived, within five years from the due date of the first Premiums Payable during the entire policy term)
unpaid premium. For both the options:
Non forfeiture provisions Death Benefit:
• Surrender Benefit: The Death Benefit shall be payable after proportionately
reducing the amount by the RPU Factor,
It is advisable to continue the policy till the chosen policy term.
However, due to some unfavorable circumstances if you are i.e.: Sum Assured on Death multiplied by RPU Factor
unable to continue the policy and it needs to be surrendered, This total amount will be subject to a minimum of 105% of the
we will pay the below: Total Premiums Paid up to the date of death.
The policy shall acquire a Guaranteed Surrender Value and a For Option 2, monthly income of 1% of (Basic Sum Assured
Special Surrender Value and may be surrendered at any time multiplied by RPU Factor) is payable for 10 years from the next
during the term of the policy, provided at least two (2) full years’ monthly anniversary following the date of death. The nominee
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also has an option to receive the commuted value of the of the first unpaid premium and have no further value except as
Income Benefit as a lump sum calculated as discounting factor may be provided under the Non-Forfeiture Provisions. If any
(as provided above) multiplied by Basic Sum Assured death claim occurs during the Grace Period, any due
multiplied by Reduced Paid-up Factor. premiums (without interest) of the Policy for the Policy year, in
Survival Benefits: which the event has occurred, will be deducted from the death
There is no Survival Benefit available under this plan. claim payout.
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